Utmost International
Professional Portfolio Plan

(formerly known as Generali Worldwide Professional Portfolio Bond)

An independent review by our team of experts

Guernsey-based Generali Worldwide has officially been named Utmost International (Utmost International have completed 11 acquisitions over 5 years).

Utmost International is a life assurance group that provides solutions designed to preserve clients’ assets. Headquartered in London, they operate from eight offices around the world with life insurance entities based in Ireland, the Isle of Man and Guernsey. Their principal business lines are Utmost Wealth Solutions and Utmost Corporate Solutions.

The Professional Portfolio Plan is offered by Utmost Wealth Solutions.

Utmost Wealth Solutions provides insurance-based solutions aimed at high-net-worth individuals who want to sustain and pass on their wealth. 'Wealth solutions' is essentially their core business.

The Professional Portfolio Plan (formerly known as Generali Worldwide Professional Portfolio Bond) is a single contribution, investment-linked, open-architecture product where the benefits are linked to the performance of a portfolio of investment assets.

Utmost International says that this plan is suitable if you have a medium to long-term investment outlook.

The minimum investment amount for the plan is US$150,000 (or currency equivalent) in a lump sum contribution or investment assets, or a combination of both.

Utmost International's Professional Portfolio Plan has two types:

Whole of Life Plan
Capital Redemption Plan

1. Whole of Life Plan:

In this type, the plan is written as a life insurance plan written on a whole-of life basis, which pays a death benefit in the event of death.

2. Capital Redemption Plan:

The Professional Portfolio Plan can be written as a capital redemption plan with a fixed term of 99 years after which a maturity benefit is paid.

Features of Utmost International's Professional Portfolio Plan:

Once you have applied for it, they offer instant access to your plan details via their Online Service Centre.
Planholder protection is offered through Guernsey’s ‘policyholder protection regime’.
The Professional Portfolio Plan facilitates regular withdrawals.
There are no fixed investment or notice periods imposed by Utmost Wealth Solutions but you must be aware that certain charges, e.g. early discontinuance charges, may apply on partial and/or full surrender and, in exceptional circumstances, delays may arise in the payment of benefits.
Utmost claims that you can transfer many existing investments into the plan, invest cash, or a combination of both, and complement this by adding from a wide range of underlying investments.

Tax implications:

As stated by Utmost, because Professional Portfolio allows access to an extensive range of underlying investments, it can be classified as a ‘Personal Portfolio Bond’ under UK legislation and this can have implications for your tax position particularly if you become resident in the UK.

However, you can manage this risk by restricting the selection of underlying assets to the choice of investment instruments available which are permissible for a ‘pooled product’.

Utmost says that the tax consequences that apply to your Professional Portfolio Plan will depend on many factors including your personal circumstances and the tax laws in your current (or future) country of residence and/or domicile.

NOTE:

We would recommend reading the expert verdict section of this review and getting a Second Opinion from a regulated financial planner.

Additionally, here's a free guide that can help you achieve better results. In this guide, you'll learn:

Academic evidence only shared with a select few firms across the world
A real-life example of why you should never try to outguess the market
Why a fund's past performance is not enough to predict future returns
Why you need to focus on what you can control and why this leads to a better investment experience
Why you should accept the markets for what they are
What can impact behaviour and make people seek instant gratification

The Pros

> Part of a growing group

The Cons

> Risk of hidden commission

> Potentially inflexible

> Commonly mis-used

How can I apply for the Professional Portfolio Plan?

As per Utmost International, you need to consult a financial adviser who will give you the product details and the charges that would apply.

On the commencement of your plan, you will receive the terms and conditions details and other important documents in relation to your plan.

You should read these documents carefully and keep them in a safe place.

As soon as your plan is in place, you will be given details on how to register for the Online Service Centre which gives you instant, 24/7 access to up-to-date information on your plan, including plan details, plan statements, how your plan is performing and the ability to generate an historic valuation at plan level, including all investment instruments and the total value, at a previous point in time.

When did Generali Worldwide change to Utmost International?

This change happened after the announcement of the sale was made by Generali on July 19, 2018, when Utmost Wealth Solutions' parent company, Life Company Consolidation Group (LCCG), revealed it was going to acquire Generali's wealth-management and service units in Ireland and Guernsey for €409m.

Official news that the Utmost Group of Companies had completed the acquisition of Generali Worldwide and Ireland-based Generali Link became public on the 29th of February, 2019.

Generali Worldwide then rebranded as Utmost International.

Expert assessment of Utmost International Professional Portfolio Plan (formerly known as Generali Worldwide Professional Portfolio Bond)

When used correctly, the Utmost International Professional Portfolio Plan (formerly known as Generali Worldwide Professional Portfolio Bond) is a reasonable product, but perhaps lacks the transparency of some of the alternatives available, and is expensive.

Our advice is to only incept such a plan after receiving advice from a fully regulated financial planner and to opt for a cleanly priced option (this pays no commission to the agent).

You should therefore ensure there is no form of establishment charge or lock-in period (zero-exit penalties).

If you already have an Utmost International Professional Portfolio Plan (formerly known as Generali Worldwide Professional Portfolio Bond), and it is worth £500,000 or more, we recommend you seek a Second Opinion to ensure you are on track to get and keep the life you want.

The information in this material is intended for the recipient’s background information and use only. It is provided in good faith and without any warranty or, representation as to accuracy or completeness. Information and opinions presented in this material have been obtained or derived from sources believed by AES to be reliable and AES has reasonable grounds to believe that all factual information herein is true as at the date of issue. It does not constitute investment advice, recommendation, or an offer of any services or products for sale and is not intended to provide a sufficient basis on which to make an investment decision. It is the responsibility of any persons wishing to make a purchase to inform themselves of and observe all applicable laws and regulations. Unauthorised reproduction or transmitting of this material is strictly prohibited. AES accepts no responsibility for loss arising from the use of the information contained herein.

‘AES’ refers to the AES Group’s separate but affiliated entities generally, rather than to one particular entity. These entities are AES Middle East Insurance Broker LLC registered with the UAE Ministry of Economy, United Arab Emirates, Licence no. 571368, and Commercial Registration no. 75162 and regulated by the UAE Central Bank license no. 189; AES Financial Services Limited, incorporated and registered in England and Wales with company number 06063185, authorised and regulated by the UK Financial Conduct Authority FRN: 464494; AES Financial Services (DIFC) Ltd, registered in the Dubai Financial Centre (DIFC) as a foreign company, license no.2128, and regulated by the Dubai Financial Services Authority (DFSA) Reference No F003476; AES International Limited, a private company incorporated and registered in the British Virgin Islands with company number 1839872; AES International Global Limited, a private company incorporated and registered in the British Virgin Islands with company number 1887885. Please visit our authorisations page for further information on regulation, redress and accessibility.

If you are outside the UK and we advise you or carry out other business, nearly all the rules, regulations and arrangements made under the UK regulatory regime (including the rules made by the FCA and the dispute resolution process provided by the UK Financial Ombudsman Service) will not apply to most aspects of the service you receive, such advice or business being provided from outside the UK. You should therefore clearly understand such rights and protection as are afforded in the jurisdiction where you receive advice. Local law, regulation and redress processes will apply in almost all cases, and will be different from that of the UK.

RISKS

Investments involve risks. The investment return and principal value of an investment may fluctuate so that an investment, when redeemed, may be worth more or less than the capital invested. Past performance is not a guarantee of future results. There is no guarantee strategies will be successful. For further information, please click here.

Utmost International
Professional Portfolio Plan

(formerly known as Generali Worldwide Professional Portfolio Bond)

An independent review by our team of experts

REVIEW SUMMARY